Regional Price Parities: Services: Other for Utah
UTRPPSERVEOTH • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
94.37
Year-over-Year Change
-7.46%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: Services: Other for Utah measure the relative cost of services in Utah compared to the national average. This data is important for economists and policymakers to understand regional variations in the cost of living.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Regional Price Parities (RPPs) are spatial price indexes that measure the differences in price levels across states and metropolitan areas for a given year. The Services: Other category includes a range of service costs beyond housing, utilities, and transportation.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis as part of the Regional Price Parity program.
Historical Context
RPPs are used to adjust income and other economic indicators for geographic differences in the cost of living.
Key Facts
- Utah's services prices are 89.4% of the national average.
- Services make up a significant portion of consumer spending.
- RPPs are updated annually by the Bureau of Economic Analysis.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities: Services: Other for Utah measure the relative cost of services in Utah compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: This data is important for understanding regional variations in the cost of living, which is crucial for adjusting economic indicators and making informed policy decisions.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis as part of the Regional Price Parity program.
Q: How is this trend used in economic policy?
A: Regional Price Parities are used to adjust income and other economic indicators for geographic differences in the cost of living, informing policy decisions and market analysis.
Q: Are there update delays or limitations?
A: The RPPs are updated annually by the Bureau of Economic Analysis, so there may be a delay in the most recent data being available.
Related Trends
Value of Exports to Norway from Utah
UTNORA052SCEN
Real Gross Domestic Product: Waste Management and Remediation Services (562) in Utah
UTWASTERGSP
Real Gross Domestic Product: Other Services (Except Government and Government Enterprises) (81) in Utah
UTOTHSERVERQGSP
Real Gross Domestic Product: Transportation and Warehousing (48-49) in Utah
UTTRANSWARERQGSP
Gross Domestic Product: Retail Trade (44-45) in Utah
UTRETAILNQGSP
Number of Insured Nonmember Commercial Banks in Utah
X08CBNMBIUT
Citation
U.S. Federal Reserve, Regional Price Parities: Services: Other for Utah (UTRPPSERVEOTH), retrieved from FRED.